14 February 2022

Having projects is great, but sometimes you need the money to make them happen. How can you do that? By putting money aside, of course. It takes effort and discipline to make saving a habit, but you could benefit from it quickly, without getting in too deep financially. Here are four tips that have been proven to work.

1. Give yourself the means to stay in control

Saving is easier when automated payments are in place. This way, your savings accumulate without even thinking about it, and it’s possible to schedule it for your payday. By incorporating this “expense” into your budget, you’ll accumulate an amount that could give you the means to make your project a reality. No more financial stress about whether you can do it all.

Use our tool “Your budget ”

2. Work by objective

Saving can become a reality when you set a goal, big or small. Scheduling automatic payments at a frequency and amount of your choosing, depending on your means, can help you create the habit of saving and make it part of your budget. Most importantly, you won’t forget or be tempted to use the money for other purposes. In addition, you may not even be aware that you are saving money and your savings can grow as you make choices reach your goal.

Let’s say you set up an automatic payment of $50 a week. That $50 will accumulate in a savings account or plan. In 1 year (52 weeks), $2,600 will be in your account.

Are you entitled to a salary increase? Consider adjusting your payments accordingly. Do the same as your lifestyle changes.

3. Speed up the process by investing your savings

Wake up the sleeping money! To increase the impact of your efforts, invest your savings in an investment product. By taking advantage of the return on your investment, your savings can grow faster, and you could realize your project sooner than expected.

4. Get some help

Some people hire a coach to prepare for a race, to improve their tennis backhand, to motivate themselves professionally, or even to be happy! Why not take advantage of financial support as well? Call on your advisor to guide you and look at the best strategy to adopt to reach your goals, as well as to keep pace with all the others you will set in the future.

If you do not have an advisor, contact us by email at caisse.t92278@desjardins.com

And no need to travel, our consultants can meet you in virtual mode.

Source: Desjardins blog